FOMO Worldwide Inc (IGOT)

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On March 31, 2022 and April 4, 2022, we entered into three financing arrangements, with all the net loan proceeds used for the purchase of interactive whiteboards by our wholly owned subsidiary SMARTSolution Technologies L.P. (“SST”). The financing arrangements entered into are as follows:

(a) On March 31, 2022, we entered into a junior loan facility with a third-party for $266,000 with a one-year maturity (the “March Junior Loan Agreement”), netting us $196,000 after legal fees. In the event we repay the amounts due within days 1-30, the amount due is $246,000. In the event we repay the amounts due within days 31-60, the amount due is $250,000. In the event we repay the amounts due within days 61-90, the amount due is $254,000. In the event we repay the amounts due within days 91-120, the amount due is $258,000.

(b) On March 31, 2022, we also entered into a junior loan with Mitchell Schwartz, the founder and CEO of SST, for $185,000 (the “Schwartz Junior Loan Agreement”). The loan has a six-month maturity, pays 11.5% simple interest per annum, and includes a success fee of $10,000 upon repayment in full.

(c) On April 4, 2022, we entered into a $500,000 purchase order financing agreement with a third-party (the “PO Financing Agreement”) . The PO Financing Agreement has a term of twelve months and provides for a two percent monthly interest rate on outstanding balances.

The above description of the March Junior Loan Agreement, the Schwartz Junior Loan Agreement and the PO Financing Agreement are only summaries and are qualified in their entirety by reference to the copies of those documents filed as Exhibits to this report.
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